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《大行報告》高盛引述阿里(09988.HK)料內地短期GMV將放慢 指淘寶特價版變現處早期階段
阿思達克 12-02 11:12
高盛發表報告表示,本周一(11月29日)與阿里巴巴(09988.HK)投資者關係主管林建達進行非交易性路(NDR),分享了阿里巴巴的三大戰略支柱(即境內消費、雲計算和全球化)發展、指境內消費仍然是投資者關注的重點領域,包括對商家支持和補貼、關鍵戰略投資等,指隨著阿里巴巴在防禦及拓展策略上的投資不斷增加,以獲取新用戶、建立多個流量來源等,該行對阿里巴巴對變現改善進程保持樂觀。 該行維持對阿里巴巴「買入」評級,予未來12個月目標價209元。阿里巴巴料在內地短期的電商零售總體易總額(GMV)增長將會放慢,因受到宏觀經濟濟及零售增長轉弱影響,今年第三季度內地線上實物商品零售額按年增速放緩至8.7%,中國整體服裝及化妝品零售額按年各跌1.5%及上升2.2%,鑑於阿里巴巴在非必需消費品領域的龐大基數,這對阿里影響明顯。 阿里指上財季採取了2項對商家友好的舉措,令核心業務客戶管理收入(CMR)增長低於零售總體易總額(GMV),包括向商家免除基本技術費用,放棄了數十億人民幣計佣金收入、第二是商戶補貼,管理層將其視為阿里巴巴在宏觀放緩和競爭加劇期間向商戶提供的臨時支出項目。 就包括淘寶特價版和社區市場在內的關鍵戰略投資,阿里指在偏遠城市中看到了廣泛的機會,就淘寶特價版主要迎合偏遠城市市場,在2022財年第二季度年度活躍消費者(AACs)達2.4億,管理層表示增加及挽留用戶仍然是淘寶特價版的重點,指淘寶特價版的變現仍處於早期階段。 至於社區補充品電商平台「淘菜菜」,公司指通過解決較低層需求,上財季淘菜菜GMV按季增長150%,該公司在輕資產零售模式下運營,所需資本支出有限。但據管理層稱,由於提成上競爭仍然激烈,淘菜菜仍處於虧損狀態。
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